Jennifer Wrangler, Jennifer, Orlando Law Group discussed on Laying Down the Law
Jennifer Wrangler is with me from the Orlando Law Group. And Jennifer. We've been talking about kind of getting your business organized ahead of some some deadlines that are coming up here. In the new year. What are a few common questions? I guess that you get. We're kind of going over some of them this time of year when it comes to some of these business questions, Um, one of the other things that we get a lot that people don't know is an option. Is it? They don't want people to know that they owned the business. So on if you go on Sundays, every name on there pretty much is the owner's name is on there. And that's just how Florida does it. There are some states that don't put the names of the owners on their, um, Wyoming, for example, Nevada. So if you want to kind of like, hide your ownership, which sometimes people want to do it that in real estate And sometimes they just want to do it in the business that they're in. Um some people do real estate trust to hide it, And it's just It's a whole lot simpler if you just open an L. L. C and one of the other states that don't Published that information. Um, then doing a real estate trust. There's we get a lot of questions about that real estate investors and land trust stuff. It's called the Land Trust or real estate investment trust. They used to be used a whole lot before LLC got very strong. But again if you're in that higher level stuff, probably better to contact an attorney. But there are ways to hide your ownership from a business as a business owner, But we just can't do it in Florida. Yeah. So that's a question. We get a good bit about. Like I said, the real estate investment stuff as well, Um, one of the other things. I haven't talked about it on the show, but I need to, uh, when you get after you get your business name, you basically have to get something called an E I n number which is like the social security number of the business. It's your tax ID number. That's one of the other things that it's called. Everybody has to get that That is something you get from the IRS. That is still something that's pretty much you get instantaneously online. Um, for people who have multiple businesses, though again, that's kind of getting gummed up as well like it's not as quick as it used to be. And Lot of that after 9 11 and just became more difficult because they want to kind of track where money goes to businesses. They don't want people like opening up shell companies and getting business. I'm just getting money, but the EI a number something that everybody needs. What some people there's a place on Sunday is like when you put when you set up your corporation to put that in. You should never put that in. Because that would be like putting up your your name and your social security number online for everybody to see pretty much the exact same thing I've had clients and that have found out now because the tpp loans that the first round of kind of work their way through where people took out P p p loans for their company that they didn't take out to basically fraudulently taking out alone on your business. Um so you should that you should guard that. Yeah, I n number like you guard your social security number. And most people either don't know that Or they just don't do it because they never would think that your business identity could get stolen, but it can. It's business identity theft, basically right, So they went out and they they borrowed money in their name and and then that that has to be just just a ridiculous project and process. Getting that figured out once you find out that the loans have been taken out for your business, and of course, you didn't get the money. Yes, it's crazy, And I mean, it is hard for that to happen. Like you see their safeguards like crazy like, but with the P P p and the e idea like the loans that they did much more quickly, um, where you didn't need to submit as much documentation and stuff. That's where we've seen it. But I mean, even to the extent that a credit card can get open to your name, If your e I n numbers there, it doesn't have to be a huge loan. So, um People rushed to put that number on Sunday this just because there's a space for it there, and you should not do that, and you should be careful who you give it to. It's a whole lot easier. I mean, it's hard to guard it as well as you guard your Social Security number. I mean, my business credit card gets compromised all the time. But at least if you're thinking about the fact that your business identity can get stolen, and people can open up credit cards and stuff on in your name and your business name. Um it's just something to be thinking about. But that that next step of going to the IRS and getting the idea number is the next thing that everybody has to do. And that's why at that point you need to time to tell the IRS They ask you all these questions? Are you going to have employees? Are you going to do sales tax? Are you going to sell certain items Because certain items have different tax and stuff and you get started with that process, And you really don't know how to answer the questions. That's when it's time to get an accountant. Like I said, even if you don't get an attorney, you should have an account to help you through that stuff. Unless it's super straightforward, because once you tell the I R s something Like I said, It's really hard to walk it back because they expect you to be in a certain shoot. And then suddenly you never get employees and you said you were or you've got a partner and you said you weren't like they're expecting something different. And you don't want to get audited and all that scary stuff that nobody wants to think about. No, no one. No one wants to think about that. I got the letter in the mail A couple of weeks ago about the The stimulus. Uh, the IRS is sending out all these letters basically saying, Hey, you got your stimulus and make sure that you know that like that's not either taxpayer, not taxed like him or what it says in there now, But any time I get anything that says I r s, there's a good 30 seconds that I stare at the envelope, and I'm like, okay, we're going to open this up. And maybe there's a nightmare on the other side. So no one wants to think about that effort. I'm gonna knock on wood right now. Just so I don't have the bad luck of getting audited. She is Jennifer angler joining us, of course from the Orlando Law Group. You are listening to Lang. Down the law presented by the Orlando Law Group. You can get a question in for Jennifer at 84458093 to 6. That's 8445809326. So all of this process Jennifer, of course, dealing with you know the business name and renewing that the fictitious name and and going through your business license, And then you're dealing with the I R s what? What's the next step? I guess. What's the next question that you get the most of your trying to help people with businesses work their way through what is a a laborious process. Yes. Here. Well, I mean, the next step is is what you're going to what kind of entity are going to be for the IRS? Because you can be like this sole proprietor, you can be and Inc. Or you could be a partnership. A lot of people don't know that those are different things under the IRS, or that a partnership is actually a thing like a category of business under the IRS. So again, if you're by yourself, just doing, um Doing something on your own or length of photographers, people doing art, all that kind of stuff. It's pretty easy and now you're just going to be what you're going to be. But if you're doing business with another person in any way, if they're putting all the money in or they're putting somebody in, if they're just helping you, whatever that is, when you're in business with another person. It's always good to get something in writing. If you're buying somebody's business, even if they're just like a solo, and you're a solo like any of that. Whenever there's another human involved in your business. That's time to see a lawyer or get something in writing. And that's kind of the next step. Uh, for businesses that are doing any legs that any type of business um if you're Meeting sales tax like that. Some of the things kind of like We went through the stuff that's like the basic that every business needs, But then it really starts to branch and diverge into a lot of different things. But, yeah, if you need sales tax, if you to get your sales tax, you need to get that and get that going right away. Because again, mistake to come at you if you don't pay the south tax That's a big deal, not a big deal to get an account on board to do that, But it's stuff that you need to be thinking about. Like I said, if you're owning something with another person, then it's time to Maybe get something in writing. Um, if you're gonna go, Duke Custom clients or customers unless it's something very simple, like a one off transaction. That's very quick and easy..